There are over 140 different decentralized exchanges (DEXs) on Binance Smart Chain (BSC) alone, but only a few of them are worth the risk and your time.
Most of them are outright scams, abandoned projects. or clones that have very little to nothing special to offer.
In this post, I would be sharing with you the top 6 decentralized exchanges on BSC.
These exchanges were hand-picked picked based on a mix of several factors such as their:
- Unique products,
- Number of users,
- Trading volume,
- Total value locked, and
- Market capitalisation.
And of course, high APY yield farming and other earning opportunities.
Top 6 decentralized exchanges on BSC
This list is in no particular order.
However, the first is recognised as the overall best DEX on BSC. But 2 to 7 were randomly placed.
Top 5 decentralized exchanges on Binance Smart Chain
PancakeSwap is the largest DEX on BSC in terms of trading volume, TVL, marketcap, number of users, and everything else.
It is the definition of a successful DEX on BSC, so much that every new and rising DEX wants to be like or beat PancakeSwap.
The platform features trading, liquidity mining, yield farming, asking, a lottery system, NFTs, and IDO (initial DEX offering).
The exchange was audited by Certik in October 2020 and has never suffered any security breach so far.
PancakeSwap was launched in September 2020 via a fork of the SushiSwap code by a team of anonymous but highly competent and committed developers.
As of today, July 30, 2021, over 1600 coins are listed on PancakeSwap with 11,006 trading pairs.
Giving you a wide range of trading opportunities, though we can both agree that majority of them are shitcoins.
Chances are, if a token is on BSC, you will find it on PancakeSwap.
Furthermore, PancakeSwap allows you to farm other tokens of new and rising projects on BSC through its Syrup pools among other earning opportunities.
This has allowed it to attract a large and loyal community of users and CAKE holders to the platform.
The exchange charges 0.25% for each trade, of which 0.17% is used to reward liquidity providers, 0.03% is allocated to the Treasury, and 0.05% is used to finance the CAKE buyback and burn program.
Sometime in February 2021, the exchange temporarily flipped UniSwap as the largest DEX in the world based on trading volume.
It has since then returned to its place as the 2nd largest DEX in the world by trading volume.
Biswap is a decentralized exchange on BSC with the lowest trading fees and the first to introduce a 3-type referral system.
The exchange was launched on May 25, 2021, and has quickly risen to become one of the top 10 DEXs on BSC.
BiSwap was also, unsurprisingly, one of the top 10 winners of the Binance Most Valuable Builder II (MVBII) program announced on July 29, 2021.
In just less than 3 months of its existence, BiSwap has accumulated over $303 million in TVL, despite the bear market it was born into.
The exchange enables you to swap any BSC-based BEP20 token for another and offers several opportunities to earn such as:
- Liquidity mining,
- BSW farming using LP tokens,
- Minging BSW and other tokens via its Launchpools,
- Referral program, and
BiSwap charges a 0.1% fee for every swap on the exchange.
0.05% goes to liquidity providers and the other 0.05% goes to the BiSwap treasury which is used to buy back BSW and burned every week.
The fees are much lower and in some cases, zero, when you account for the fact that you can get up to 100% of the trading fee returned to you in BSW tokens.
BiSwap referral program
BiSwap runs a referral program that rewards you with 5% of what the people you refer to the platform earns from the farms and Launchpools.
No! the referral reward is not taken from the earnings of the people you refer.
4.3% of the BSW block reward is allocated to the referral program and that’s where the referral commissions are paid from.
Because I am feeling generous right now, I will share 50% of my referral commission with you if you use my referral link.
MDEX is the first decentralized exchange built on the Huobi Eco Chain (Heco) but also available on BSC and Ethereum.
The exchange became operational in January 2021 but was only launched on BSC in April.
Within a short time, MDEX has grown to become the second-largest exchange on BSC and the third-largest across all chains based on trading volume.
MDEX provides its fast-growing users with fast and low-cost (free) token swaps, liquidity mining and staking services, and IDO where you can purchase tokens of new and rising projects.
As of today, only 58 tokens are listed on MDEX with 288 trading pairs.
Similar to BiSwap above, MDEX incentivizes trading through its transaction fee or trading mining program. The exchange rewards you in MDX whenever you swap certain trading pairs on the exchange.
In some cases, trading fees could be zero or even negative (meaning you earn more in MDX than you paid in trading fees).
BurgerSwap was the first decentralized exchange to be launched on the Binance Smart Chain on September 10, 2020.
The exchange features token swaps, liquidity mining, Burger Shack, and xBurger pools.
xBurger pools allow you to stake LP (liquidity provider) tokens to earn more LP tokens (xBurger) and BURGER (BurgerSwap native token).
Burger Shack on the other hand is a single-token mining pool that allows you to stake certain tokens such as BNB, BTCB, ETH, BUSD, MDX, and HMDX and earn rewards in both the token and BURGER.
BurgerSwap emphasizes “democratized decentralized exchange”. It aims to give users complete control of the protocol through community governance.
Users can stake BURGER tokens to participate in the governance of the protocol, such as proposing and voting tokens to be listed, and other protocol changes.
Users can earn a share of the platform revenue by staking BURGER and participating in governance.
The exchange charges a 0.3% trading fee, 100% of which goes to the liquidity providers.
BurgerSwap has kind of become stale for some time now with limited innovation and zero excitement around it.
However, the exchange is still functional and is running smoothly.
1inch is a multi-chain, decentralized exchange and liquidity aggregator on Ethereum, Polygon, and BSC.
The exchange automatically scouts the various DEXs and liquidity protocols to bring you the best exchange rates instantly.
1inch was created to remove the need for users to manually check for the best rates on multiple DEXs before placing a trade.
Its aim is to help you search for and offer you better token swap rates than you could get on any single DEX and without you having to go through the trouble of finding it manually.
1inch was launched in August 2020 and features token swaps and trading in basic and classic modes for beginners and advanced traders respectively; liquidity mining; and yield farming.
The exchange is connected to 36 different liquidity sources on BSC, including PancakeSwap, BakeSwao, BurgerSwap, MDEX, ApeSwap, etc.
BakeSwap is a decentralized exchange, NFT marketplace, and gaming protocol built on the BSC.
The exchange features token swaps, liquidity mining, yield farming, an NFT marketplace, a Launchpad, and blockchain games.
Furthermore, BakerySwap features what it calls the Bakery Gallery where it showcases a curated list of NFTs from talented artists.
The gallery is designed to attract both talented NFT artists and catch the fancy of sophisticated NFT collectors and investors alike.
BakerySwap charges a 0.30% trading fee, all of which goes to liquidity providers.
Due to its low fees and faster transaction time, BSC has quickly risen to become the second-largest smart contract chain based on both transaction volume and userbase.
At the centre of this growth are decentralized exchanges where most of the money is being locked and traded.
Most of these DEXs have no future, and a lot more are outright scams that you must avoid if you don’t want to lose your money.
That’s why I have decided to share with you these top 6 DEXs on BSC that I believe will stand the test of time.
They have the basic requirements to become successful projects which include:
- An active and fast-growing user base.
- Unique and innovative products and features. Not just clones and copy-pasted codes.
- Backed by proveably experienced, competent and committed teams that have something to offer and want to make a difference.
- Effective tokenomics with a long term focus.
- Lucrative investment opportunities.
- A focus on security, the safety of users funds, community participation.
But you don’t have to take my words for it. Interact with them and discover for yourself what they have to offer, and I’m confident you to will find them worthy.